'Gold rush' in Kelantan as global prices soar

KOTA BARU: Many Kelantanese took the opportunity to buy and sell gold today following a surge in global prices, which have reached RM455.62 per gram.Many of the buyers, mostly women, were seen flocking to goldsmiths across the state, despite some businesses remaining closed as today is the weekend in Kelantan.

A check at the Siti Khadijah wet market revealed that customers began visiting these shops as soon as they learned about the price hike. They started arriving as early as 9.30am, when shops began to open.



One of the more popular destinations was Dhiya Gold House, which operates two branches and has been in business for over nine years.A staff, who declined to be named, said more than 50 customers visited the shop today after hearing the news."Some were interested in buying new jewellery, while others opted to trade in their existing items," she said.

She added that the shop sells gold based on the current market rate, which today stood at RM437 per gram."On March 13, it was RM405 per gram. However, this price excludes labour charges," she said.

She said that buying and selling gold has long been a tradition among Kelantanese women."Women here have always viewed gold as both a form of savings and business capital," she said.According to reports, global gold prices soared to an all-time high today, driven by recession fears and rising trade tensions between the United States and China, prompting investors to seek safe-haven assets such as bullion.

Spot gold rose by 1 per cent to US$3,205.53 (RM14,217) an ounce as of 12.39am GMT, after earlier peaking at US$3,217.

43 - gaining more than 5 per cent over the week.Dhiya Gold House is among 300 jewellers and goldsmiths in Kelantan offering a wide range of unique designs to local buyers.The high-purity 916 gold, also known as 22-karat gold, remains the preferred choice for jewellery in the state, with demand expected to increase.

Previously, it was reported that Kelantan records monthly gold sales of around 500kg - higher than the combined total of Selangor and Kuala Lumpur, which stands at 400kg.Taman Emas Malaysia chairman Zulkifli Idris estimated Kelantan's monthly gold sales to be worth approximately RM200 million based on current market prices.© New Straits Times Press (M) Bhd.